Important Dates:
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June 5th, 2010
IRS Taxpayer Assistance Centers Open House.
June 15th, 2010
Estimated Taxes Due.
September 1st, 2010
Last day to apply your KYB extension deposit.
September 15th, 2010
Corporate Extension Deadline.
October 15th, 2010
Individual Extension Deadline. |
Quick Links:
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IRS Open House
Face-2-face IRS problem solving at
200 Taxpayer Assistance Centers nationwide on Saturday, June 5th.
IRS Open House
New Small Business Health Care Tax
Credit
The IRS has issued new detailed
guidelines to make it easier to determine whether a business is eligible and
how large of a credit it’ll receive.
Health Care Tax Credit
Payroll Tax Exemption for Hiring
New Workers
The IRS has issued the newly revised payroll tax
form that most eligible employers can use to claim the special payroll tax
exemption that applies to many new workers hired during 2010.
Payroll Tax Exemption
CA New Home Buyer’s Tax Credit
The new law provides $200 million of tax credits
to those who purchase a qualified principal residence between May 1st and December
31st, 2010.
New Home
Buyer’s Tax Credit
3rd Quarter Interest Rates Remain The Same
The IRS has announced that interest rates for the calendar quarter beginning July 1st, 2010, will remain the same.
3rd Quarter
Interest Rates
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Greetings!
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Welcome to KYB’s mid-year newsletter. Our hope is to keep you well-informed on the latest in KYB services, as well as tax and small business news, as they relate to you. Whether or not you are currently a KYB client, this newsletter is intended to provide you with information and resources to keep your financial life in balance.
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Hey South Bay! Check Out Our New Office In Mountain View
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Keeping Your Balance is pleased
to announce that we have opened our South Bay office at 800 West El Camino
Real, Ste 180, Mountain View, CA 94040.
It has been a long time coming
and we are very excited to expand into the South Bay area. Our El Camino
Real office will be a fully functional KYB branch, offering KYB’s entire line
of services, headed by our own Brandee Murphy.
If you know someone who
may benefit from our services in the South Bay or on the Peninsula, please don’t hesitate to mention the
new office.
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(415) 399- 9844 or email us at info@keepingyourbalance.net
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Time Is Running Out to Apply Your KYB Extension Deposit
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For those of you that have put down an extension deposit, the deadline to apply that deposit to your tax return preparation is September 1st, 2010. Please call our office to set up an appointment with your tax preparer. Let’s get those returns filed!
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New Expansion of 1099 Filing Requirements for Businesses
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A provision of the health reform law mandates that all businesses
file a 1099 for all purchases or payments that exceed $600 in a tax year.
Currently,
the Form 1099 is used to document income for individual workers other than
wages and salaries, such as contract workers or freelancers. The new rules would expand the scope of the 1099 in two key ways. First, by tracking payments made for tangible goods as well as services. Second, by requiring that 1099s be issued to individuals and corporations. For example, if your business purchases an iPad, you’d
have to send Apple a 1099. Or, if a freelancer purchases supplies from Staples
costing more than $600, a 1099 must be sent to Staples.
These new mandates will
start in 2012.
What does this mean for your business? How many more 1099s will
your business have to send out? Contact KYB for a consultation on how these
changes will affect you.
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